ContractsIntermediateCalifornia Exam

Which of the following is NOT a required element for a valid real estate contract in California?

AMutual consent (offer and acceptance)

BLawful object

CNotarization by a licensed notaryCorrect

DConsideration

Why Notarization by a licensed notary Is Correct

Answer C: Notarization by a licensed notary

A valid contract requires mutual consent, lawful object, consideration, and parties with legal capacity. Notarization is not required for validity, though it may be required for recording.

Exam Tip: Contracts

Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.

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Key Terms to Know

Earnest Money

A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.

Contingency

A condition in a purchase contract that must be satisfied before the sale can proceed to closing.

Purchase Agreement

A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.

Option Contract

A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.

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Real Estate Contracts Guide

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